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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Aug 22, 1997
Page
5
Thirty year fixed rate mortgages averaged 7.46 percent this week, down from 7.54 percent, the Freddie Mac survey shows. Fifteen year loans averaged 6.99 percent, one year adjustable rates 5.56 percent, with rates not including points.
The Agriculture Department closed the Columbus Nebraska plant after confirming contamination likely occurred at supplying slaughterhouses. Hudson Foods expands recall to 25 million pounds of beef from the plant as inspectors cite poor handling and reuse of leftover meat. E coli illness tied to Colorado cases prompted the action and stricter safety measures before any reopening.
The dollar weakened against major currencies in New York as U S stock markets dropped and signs grew that Germany s Bundesbank may raise short term rates. The dollar recovered versus the Mexican peso but fell against the yen after news of U S duties on supercomputers and Fed meeting minutes. The Dow fell 127 points, and analysts attributed thin summer trading and a Bundesbank move to let its repo rate fluctuate.
The Dow Jones Industrial Average dropped 127 points to around 7,894 in a fifth straight triple digit swing as rising rates and a weak bond market spooked buyers. Broad indicators retreated after a week of gains, while a Wall Street note of cautious optimism followed reports on Warren Buffett possibly liquidating holdings. The Labor Department showed initial jobless claims rising 20,000 to 337,000, the third straight weekly uptick since a 23-year low.
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